Mitsui & Co. said Wednesday it will try to list its shares on the New York Stock Exchange as early as next year as part of its new three-year management plan.
Although Mitsui shares are already traded on the Nasdaq over-the-counter market, the company wants to be listed on the more prestigious NYSE to facilitate fundraising, an executive said.
Mitsui is the second Japanese trading house after Sumitomo Corp. that has announced a plan to list in New York.
Under the new business plan, Mitsui hopes to more than double its group net profit to 130 billion yen in fiscal 2003 to March 31, 2004. The company said last week that it is aiming for a group net profit of 67 billion yen for fiscal 2001, up from the previous year's 51.59 billion yen.
While the management plan sets aside capital outlays of 350 billion yen over three years, Mitsui will spend some 70 percent of the sum on strategic business sectors, including 60 billion yen for energy, 35 billion yen for information services, and 20 billion yen for convenience stores and other retail operations.